Filing Analysis
Security Federal Corporation filed an 8-K to furnish its earnings release for the quarter ended September 30, 2025. The filing is a routine disclosure of quarterly financial results.
📋 Key Facts
- Earnings release issued on October 29, 2025, for the quarter ending September 30, 2025.
- The filing includes Exhibit 99.1 containing the press release.
- Signed by Darrell Rains, Chief Financial Officer.
Security Federal Corporation announced its intent to deregister its common stock with the SEC, aiming to file a Form 15 on or about December 31, 2025. This move is intended to reduce regulatory compliance costs and reporting burdens.
🚩 Red Flags
- Deregistration often leads to a significant reduction in liquidity as the stock moves from public exchanges to OTC Pink/Grey markets.
- Loss of SEC reporting requirements reduces transparency and information availability for retail investors.
- The move suggests management is prioritizing cost-cutting over maintaining a public market presence.
📋 Key Facts
- Intent to file Form 15 (Certification and Notice of Termination From Registration) on or about December 31, 2025.
- Deregistration will suspend the obligation to file periodic reports (10-K, 10-Q, 8-K).
- The company will continue providing annual audited financial statements and quarterly interim info via its website.
- The Bank will continue filing quarterly Call Reports with the FDIC.
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ended June 30, 2025. The filing is a standard regulatory requirement following the issuance of financial results.
📋 Key Facts
- Earnings release issued on July 30, 2025, for the quarter ended June 30, 2025.
- The primary content is contained in Exhibit 99.1 (Press Release).
- Signed by Darrell Rains, Chief Financial Officer.
Security Federal Corporation held its Annual Meeting of Security Holders on May 8, 2025. The meeting resulted in the election of four directors and advisory approval of executive compensation.
📋 Key Facts
- Annual Meeting held virtually on May 8, 2025.
- Total shares outstanding entitled to vote: 3,186,093; Quorum present: 2,437,383 shares.
- Four directors elected for three-year terms expiring in 2028: Thomas L. Moore, J. Chris Verenes, Richard T. Harmon, and Frampton W. Toole, III.
- Shareholders approved the compensation of named executive officers with 92% 'For' votes among shares present.
Security Federal Corporation filed an 8-K to furnish its earnings release for the fiscal quarter ended March 31, 2025. The filing serves as a formal announcement of the company's quarterly financial results.
📋 Key Facts
- The report date is April 30, 2025.
- Earnings release was issued for the quarter ended March 31, 2025.
- Financial results were furnished as Exhibit 99.1.
Security Federal Corporation announced a special cash dividend of $0.10 per share for shareholders of record as of March 31, 2025.
📋 Key Facts
- Special cash dividend declared: $0.10 per share.
- Record date: March 31, 2025.
- Payment date: April 15, 2025.
Security Federal Corporation has filed an 8-K to furnish its earnings release for the fiscal quarter ended December 31, 2024.
📋 Key Facts
- The filing was made on January 31, 2025.
- Reports results of operations and financial condition for the quarter ending December 31, 2024.
- Earnings release is provided as Exhibit 99.1.
Security Federal Corporation entered into an ECIP Securities Purchase Option Agreement with the U.S. Department of the Treasury on January 10, 2025. This agreement provides the company an option to repurchase all 82,949 shares of Senior Non-Cumulative Preferred Stock issued under the Emergency Capital Investment Program (ECIP) at a potentially discounted price.
🚩 Red Flags
- The company currently fails to meet any of the three required Threshold Conditions to exercise the buyback option.
- There is no assurance that the company will meet regulatory or lending criteria in the future to trigger the option.
- The purchase price calculation is subject to external market factors (interest rates) outside of management's control.
📋 Key Facts
- Agreement entered into on January 10, 2025, with the U.S. Department of the Treasury.
- The option allows for the purchase of all 82,949 shares of Senior Non-Cumulative Preferred Stock issued May 24, 2022.
- Purchase price is based on a formula involving present value, accrued dividends, interest rates, and equity risk premium; company expects a substantial discount to face value.
- The option cannot be exercised until 'Threshold Conditions' are met (earliest possible date: June 30, 2026).
- Threshold conditions include meeting specific lending ratios ('Deep Impact' or 'Qualified Lending') or reducing the dividend rate to $\le$ 0.5% for six consecutive Reset Dates.
- Current dividend rate is 2.0%; company currently does not meet any threshold conditions.
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ended September 30, 2024. This is a routine regulatory filing used to communicate financial results to shareholders.
📋 Key Facts
- Earnings release issued on October 30, 2024.
- Reporting period: Quarter ended September 30, 2024.
- The filing includes Exhibit 99.1 containing the press release.
Security Federal Corporation has announced the early redemption of its entire $16.5 million outstanding 5.25% Fixed-to-Floating Rate Ten-Year Notes, scheduled for November 22, 2024.
🚩 Red Flags
- Significant cash outflow ($16.5M) may impact short-term liquidity depending on total cash reserves (not specified in filing).
📋 Key Facts
- Redemption Date: November 22, 2024
- Aggregate principal amount to be redeemed: $16,500,000
- Note Type: 5.25% Fixed-to-Floating Rate Ten-Year Notes due November 22, 2029
- Redemption Price: 100% of principal plus accrued and unpaid interest
- Funding Source: The Company will utilize excess cash on hand for the payment.
Security Federal Corporation has announced an expansion of its existing stock repurchase program. The Board of Directors approved increasing the authorized number of shares for repurchase by an additional 100,000 shares.
📋 Key Facts
- Board approved an increase in authorized shares for repurchase: 100,000 additional shares.
- Total potential shares under the program (including remaining initial allotment): 135,276 shares.
- Repurchases are subject to management discretion and market conditions.
- Compliance with Rule 10b-18 of the Securities Exchange Act of 1934 is intended for open market purchases.
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ended June 30, 2024.
📋 Key Facts
- Earnings release issued on July 29, 2024, for the quarter ended June 30, 2024.
- The filing serves to provide financial results via Exhibit 99.1.
Security Federal Corporation held its Annual Meeting of Shareholders on May 9, 2024. The meeting resulted in the election of three directors and advisory approval of executive compensation.
📋 Key Facts
- Annual Meeting held virtually on May 9, 2024.
- Quorum was present with 2,352,294 shares represented out of 3,229,325 total outstanding shares.
- Timothy W. Simmons, Harry O. Weeks, Jr., and Roy G. Lindburg were elected to the Board for three-year terms expiring in 2027.
- Shareholders approved the compensation of named executive officers with 93% 'For' votes among shares present.
Security Federal Corporation filed an 8-K to furnish its quarterly earnings release for the period ending March 31, 2024. The filing serves as a formal mechanism to provide financial results and operational updates to shareholders.
📋 Key Facts
- Earnings release issued on April 29, 2024, for the quarter ended March 31, 2024.
- The report was signed by Darrell Rains, Chief Financial Officer.
- Financial results are provided via Exhibit 99.1.
Security Federal Corporation filed an 8-K to furnish its earnings release for the fiscal quarter ended December 31, 2023.
📋 Key Facts
- The filing was made on February 5, 2024.
- The report pertains to the results of operations and financial condition for the quarter ending December 31, 2023.
- An earnings press release was issued as Exhibit 99.1.
Security Federal Corporation has amended its Bylaws to remove the age limitation for officers, which previously capped officer age at 70.5 years.
📋 Key Facts
- The Board of Directors approved an amendment to delete Article V – Officers – Section 12 (Age Limitation).
- The previous policy imposed a 70.5-year age limit on Company officers.
- The amendment is effective immediately as of the report date.